The Icon at CityWalk

[BFG]

That's great news...glad a deal was worked out!

And yes, bring on the millennials! The more Norfolk can do to get itself in the same sentence as Austin or Raleigh, the better. I'd love to see us become a Top 25 city in the next few years, and stuff like this will help cement that.

[varider]

http://pilotonline.com/business/jobs/adp-to-hire-mostly-locals-for-jobs-in-downtown-norfolk/article_091af4e5-16ae-5e5c-aaf0-a343778c05b0.html

Luring private employers such as ADP, the governor said, will add stability to the economy. “We have to diversify, bring in new businesses, think differently about economic development,” McAuliffe said. Mayor Paul Fraim called the deal Norfolk’s “largest job announcement in a generation.”“Any city in America would have died to get these types of high-quality, well-paying jobs in the heart of their downtown,” he said. McAuliffe said ADP’s decision to come to Norfolk is a coup for the city, the region and the state. Officials believe the deal will help land others for Hampton Roads, and the governor said negotiations are underway for other “major projects.” “This announcement will bring a lot of future announcements to the city of Norfolk and to this region,” he said.

_________________________________________________________________

Huge win for DT NFK in my opinion! It seems to me that the downtown market is building momentum. The small public investments in infrastructure over the years really laid the foundation for DT Norfolk to take off in the coming years. However, I am disappointed in VB politics for leaving the Tide stuck at Newtown RD. I cannot understand how a city of over 450,000 residents (500k+ in peak tourist season) will put its citizens thru another referendum after a majority vote just to build a 3 mile extension to Town Center!? The area is shaping up to be one of the great regions in this nation. The Oceanfront and the City of VB is already relatively congested at times. We are supposedly getting a $250M arena, $240M 15th street pier project, a $100M dome site project, $80M hyatt district on 27th street $260M cavalier redevelopment, the new apartments on 25th street IFLY, etc. Well over $1B of proposed development just within a few blocks. With all of that going on, we are going to have debate over and over again whether or not we should extend light rail. Oh, what a region. Either way, I am very excited for the future of the area and I hope that we can keep building momentum toward a new office tower at the old courts site and maybe a mixed use project across the street on the corner. Would die to see a 35-40 floor building in Norfolk one day. 

[carolinaboy]

Great official news for Norfolk! Would love to know what other "major projects" the Governor is referring to.

 

I couldn't agree more about the investment in infrastructure as a catalyst for development, varider.

[BFG]

Love this part...

 

Quote

The mayor and governor said they hope the new jobs will convince people to stay in Norfolk when they leave the military or graduate from one of the region's colleges.

 

We definitely need more businesses with this idea in mind

[urbanvb]

This is great news. This will be 1800 new high paying, high tech jobs right across from the old BoA building. Folks to help fill this building. Makes you wonder if Buddy knew about all thes jobs were coming?  And if the Tide is extended to TC, the region may really start to expand. It gives me a glimpse of hope for the future of the region.

 

 

 

 

 

 

 

 

 

[jeffconn]

Good news all around. Like normal, some commenters on Pilotonline can't see the forest for the trees. 1800 new jobs downtown means 1800 people needing lunch therefore more meals tax money, and more money from the city owned parking garages, or more people paying for HRT passes. And anything would be better for the area than the building staying vacant.  With the new jobs and the BoA building being turned into residences, it just might convince some prospective business owners to put their business downtown, which would get rid of some of those empty storefronts.

[carolinaboy]

If just 25% of those 1800 employees choose to live in downtown proper that is 450 people. Say half of those 450 are married or have a partner or significant other, that's another 225 people. Say 100 of those people have at least one child, that's another 100 people. So that could equate to an additional 700 to 800 people living in downtown proper.

 

That is good for business. Hopefully those people contribute to ridership on the Tide.

 

Say another 25% choose to live outside of downtown proper, but in the fringes of downtown. That's at least another 1000 people who will frequent downtown, use the Tide, walk the streets and shop, go to dinner, etc.

Kudos to the city for what they have accomplished. Kudos to Buddy for purchasing and refurbing a downtown office building to house this company.

A bunch of small steps equals huge leaps down the line.

[BFG]

I wonder is Buddy and ADP can work out a deal that would allow for corporate housing in The Icon or one of his other buildings. That could help increase that 25% estimate.

[lil-bear]

With more Norfolk Southern employees being relocated from Roanoke and NS to expand their HQ a little , this residential is looking more appealing!

[vdogg]

On March 15, 2016 at 1:58 PM, varider said:

http://pilotonline.com/business/jobs/adp-to-hire-mostly-locals-for-jobs-in-downtown-norfolk/article_091af4e5-16ae-5e5c-aaf0-a343778c05b0.html

Luring private employers such as ADP, the governor said, will add stability to the economy. “We have to diversify, bring in new businesses, think differently about economic development,” McAuliffe said. Mayor Paul Fraim called the deal Norfolk’s “largest job announcement in a generation.”“Any city in America would have died to get these types of high-quality, well-paying jobs in the heart of their downtown,” he said. McAuliffe said ADP’s decision to come to Norfolk is a coup for the city, the region and the state. Officials believe the deal will help land others for Hampton Roads, and the governor said negotiations are underway for other “major projects.” “This announcement will bring a lot of future announcements to the city of Norfolk and to this region,” he said.

_________________________________________________________________

Huge win for DT NFK in my opinion! It seems to me that the downtown market is building momentum. The small public investments in infrastructure over the years really laid the foundation for DT Norfolk to take off in the coming years. However, I am disappointed in VB politics for leaving the Tide stuck at Newtown RD. I cannot understand how a city of over 450,000 residents (500k+ in peak tourist season) will put its citizens thru another referendum after a majority vote just to build a 3 mile extension to Town Center!? The area is shaping up to be one of the great regions in this nation. The Oceanfront and the City of VB is already relatively congested at times. We are supposedly getting a $250M arena, $240M 15th street pier project, a $100M dome site project, $80M hyatt district on 27th street $260M cavalier redevelopment, the new apartments on 25th street IFLY, etc. Well over $1B of proposed development just within a few blocks. With all of that going on, we are going to have debate over and over again whether or not we should extend light rail. Oh, what a region. Either way, I am very excited for the future of the area and I hope that we can keep building momentum toward a new office tower at the old courts site and maybe a mixed use project across the street on the corner. Would die to see a 35-40 floor building in Norfolk one day. 

Don't worry, if "he who shall not be named" is on the November ballot then the turn out out those of a particular political persuasion will be just as high, if not higher, than in 2012. I expect light rail to pass by a similar margin. I think those pushing the referendum made a few assumptions about this year's electorate that may come back to bite them in the @:!?

[lil-bear]

I wonder if there will be any enhancements to the exterior. Some dramatic LED lighting like the new DT library would be cool! 

[vdogg]

On April 18, 2016 at 9:30 PM, NFKjeff said:

A pic from today of the Atlantic at CityWalk. This project looks to be in high-gear.

Wow, can't believe they've already started.

[carolinaboy]

I wonder if they can add height to this building?

Currently in Charlotte, they have added about 31 floors on top of a previously existing museum of some kind. It was probably 6 or 7 floors and had been finished for some time.

 

In Norfolk, Sentara is adding floors to some of the existing hospital.

 

Would be cool if this building was designed and constructed to allow future floors to be added.

[urbanlife]

On 4/18/2016 at 6:30 PM, NFKjeff said:

A pic from today of the Atlantic at CityWalk. This project looks to be in high-gear.

What are they doing with this building? I thought this thread was about the big BoA building across the street from this one that was designed by SOM that was being converted to residential.

[urbanlife]

On 4/25/2016 at 5:44 PM, NFKjeff said:

Both the BOA building and this one were purchased by Buddy Gadams. The BOA building is now The Icon at CityWalk, and will converted to apartments. This building (formerly the Royster building) is now The Atlantic at CityWalk and is being brought-up to class-A standards. ADP is opening a regional office in Norfolk and will use this entire space to house 1,800 employees.

Okay, that makes more sense, I missed the whole "Icon" and "Alantic" parts of the names.

[vdogg]

ADP can't get here fast enough. They're moving 100 employees into temporary space on June 27.

http://pilotonline.com/inside-business/on-the-payroll-soon-spokesman-says-adp-will-be-open/article_8ff12f83-d972-562f-aa82-644c05ceef7f.html

[HRVT]

36 minutes ago, NFKjeff said:

 

Happy 4th of July!

I am wondering what will happen to the presence of BOA in downtown after the Icon building is vacated. I know that the class A office vacancy rate has gone down, but I'm not sure what it currently is. I hope BOA would want to keep a major presence in downtown, and the only real way for them to achieve this would be to buy/lease an existing building, such as Dominion Tower, or to build a new office building.

Would anyone care to share their thoughts about this?

Frankly, I'd be surprised if it isn't announced in the next 2-5 years that a new office building will be built in downtown Norfolk. Probably in the "third anchor" spot of the MacArthur Mall. The vacancy rate for Class A office space is rapidly falling and I would agree that Bank of America will want to keep presence in Norfolk. Unless Virginia Beach pilfers them instead and a new office building is built in Town Center instead.

[BFG]

The third anchor at MacArthur would be a good location, given its proximity to Granby Street and shopping. I just wonder whether BoA would rather stay on the "business" side of downtown, and go for the lot at the corner of City Hall and St. Paul. It would still be across the street from MacArthur.

[ntheo]

On 7/4/2016 at 9:42 AM, NFKjeff said:

 

Happy 4th of July!

I am wondering what will happen to the presence of BOA in downtown after the Icon building is vacated. I know that the class A office vacancy rate has gone down, but I'm not sure what it currently is. I hope BOA would want to keep a major presence in downtown, and the only real way for them to achieve this would be to buy/lease an existing building, such as Dominion Tower, or to build a new office building.

Would anyone care to share their thoughts about this?

BOA building was mostly vacant. BOA reduced their Norfolk footprint quite a bit in recent years so there will be little need for them to build another tower. Last year they moved their retail operations across the street so that part remains on Main Street. Nevertheless they will need some type of downtown address for their financial services to businesses, the port and wealthy customers. 

[brikkman]

The problem I have with the BOA building turning into apt is the same problem I have with how granby street has been laid out starting in the 2000s. Although i'm all for bringing more people to live and play in DT Norfolk, some of this is conflicting in nature. The BOA will bring residents to DT, I'm happy about that, but what will be the impact of the "financial" district? We've heard over the years and recently that some tenants have issues with late night partying, drunks in the street, etc... Instead of us having an area to cater to certain types of atmosphere, Norfolk is doing the "get in where you fit in" which ultimately lead to conflicts IMO. 

Additionally, I have hope that Norfolk will kick it in gear and expand their DT even though they are stuck on the SPQ plan. North of DT is slated for arts districts, how does Norfolk expand its financial footprint if it ever comes to that point? The only thing left for consideration is Fort Norfolk/Atlantic City (i believe that is the official name)

[BFG]

Last week, Channel 13 interviewed Mayor Alexander in anticipation of his inauguration. He and Regina Mobley drove through Tidewater Park, and he mentioned something about that area changing within the next few years. I got the impression that SPQ could start moving by 2020.

I've suggested this before, but what about the land next to Harbor Park? I'd like to see that become a "Riverwalk"-type setup, but I think you could still get a couple of towers with street-level shops and dining there. 

Regardless, it would be great to see Norfolk experience the kind of building boom Charlotte and Nashville are having. Let ADP and Ikea be the catalysts!

[lammius]

1 hour ago, brikkman said:

The problem I have with the BOA building turning into apt is the same problem I have with how granby street has been laid out starting in the 2000s. Although i'm all for bringing more people to live and play in DT Norfolk, some of this is conflicting in nature. The BOA will bring residents to DT, I'm happy about that, but what will be the impact of the "financial" district? We've heard over the years and recently that some tenants have issues with late night partying, drunks in the street, etc... Instead of us having an area to cater to certain types of atmosphere, Norfolk is doing the "get in where you fit in" which ultimately lead to conflicts IMO. 

Additionally, I have hope that Norfolk will kick it in gear and expand their DT even though they are stuck on the SPQ plan. North of DT is slated for arts districts, how does Norfolk expand its financial footprint if it ever comes to that point? The only thing left for consideration is Fort Norfolk/Atlantic City (i believe that is the official name)

I think you're seeing that in a lot of cities.  Strictly-defined "financial districts" are becoming home to more mixed-use.  The lower Manhattan financial district is seeing a boom in condo, rental, hotel buildings.  Same in Los Angeles, same in a lot of cities across the country.  Honestly, a strictly "financial district" of office buildings becomes a dead zone after 6pm (see Boston or Houston).  Mixing in some housing, restaurant, entertainment keeps the place alive around the clock.  Drunks in the street are a price paid for that kind of lively 24-hr downtown economy, and your police help manage that.  

Norfolk can do a lot to densify its downtown before expanding the footprint.  That massive vacant lot at St Pauls/City Hall, the massive "third anchor" spot at MacMall, the ATM drive-thru "park" in front of BOA, those ugly parking decks along Plume Street, that 3-story "city center" building on City Hall + Maritime Association, that weird area along E Freemason/Bank where "houses" were built in the middle of downtown, the Waterside parking deck, a lot of spaces could be developed or redeveloped to increase the density of population and workers to a point that they support supermarkets and businesses that cater to a neighborhood population. You could add millions of square feet of office or housing in those spots alone.  And tons of "under the radar" spots could be redeveloped.  Like the post office at Plume/Atlantic.  A 5-story glass building would do wonders for that spot.  And let's not forget that malls tend to have a 30-40 year lifespan, and MacMall is about halfway through that cycle.  What happens when it's time to redevelop that?  If the surrounding downtown is dense enough and development pressure is great enough, you could see that mega-parcel carved up into 9-12 city blocks containing skyscrapers.  Reintroducing a street grid to the center of downtown would help tremendously with traffic and ease a bit of the burden on St. Pauls, IMO.  

 

[R-123]

I think you will like some of the resident amenities that has been included in the design. It will be in a league of it's own for Hampton Roads. 

[baobabs727]

Recently, I spoke with a very prominent downtown real estate agent who expressed concern regarding plans for the BOA building. Specifically, this agent stated that rumors have it that apartment rents therein will START at $1800/month. This agent does not believe that to be a sustainable situation, especially not at 300 units. 

[R-123]

That seems highly unlikely. 15% of the apts will be studios under 500 sq ft. 

Penthouse studios in the heart of Chicago go for +/- $1,600. Buddy's other property's have studios starting around $900.  I except Icon to be 20% higher than that. 

He will find what the market can bare, that's the beautiful thing about capitalism.